A tax on imports exports, or consumption goods is called ?
Correct answer: B. Duty
- A. Drawback
- B. Duty
- C. Custom
- D. Excise
Explanation
A duty is a government charge on goods, especially when they are imported or exported; excise is usually imposed on specified goods produced or sold within a country. The broad wording therefore points to duty.
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Government revenue and expenditure are analysed through taxation, public borrowing, budgets, subsidies, transfers and public debt. The topic explains how fiscal policy affects resource allocation, income distribution, economic stability and growth, while distinguishing direct from indirect taxes, progressive from regressive taxation, and public goods from goods supplied by private markets.
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